JPMorgan set aside nearly $9 billion in the second quarter to cover future loan losses even though those losses haven't shown many signs of appearing.
JPMorgan, the biggest US bank by assets, said companywide charge-offs climbed just 7% to $1.6 billion. "Given where we are in this crisis, the relationship between the business cycle and the health of the business sector and the health of the household sector is broken," she said. "We really haven't started to see what you would typically see in the middle of a recession like this because of the amount of stimulus and support that is out there.
Even so, the lack of details and mounting evidence that the US may have lost control of the pandemic led to some tense moments on the call as analysts sought different ways to get JPMorgan's executives to provide some sort of certainty around how they think the next few months and years will play out.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »